In a letter addressed to the Chancellor, Carney (pictured) said he would be honoured to extend his role as Governor of the BoE. He added it should help contribute to securing an “orderly transition to the UK’s new relationship with Europe.”
Carney was appointed to the role in 2012 and signaled his intention to serve for just five years, as opposed to the statutory eight-year period, primarily driven by personal circumstances.
He said that despite his personal circumstances not changing, the UK’s decision to leave the European Union is what encouraged him to extend his original agreement by one year until 2019.
In his response, the Chancellor said he was pleased to hear of Carney’s intention to continue as Governor until June 2019 as it would enable him to continue his “highly effective leadership of the Bank through a critical period for the British economy.”
Commenting on Carney’s decision, Andrew Tyrie, chairman of the Treasury Select Committee, welcomed Carney’s clarification of his intentions and added: “The decision requires a good deal of examination and explanation, which the Committee will seek when it next sees the Governor in a fortnight.”